The Effects of Canadian SOX on the Price Discount of Canadian Equity Offerings
Bibliographic record
Abstract
This study studies the effects of Canadian SOX on the price discount of seasoned equality offerings of Canadian issuers. Canadian SOX is legislation similar to the U.S. Sarbanes-Oxley of 2002. It passed in October 2002 and became effective December 2005. It finds Canadian SOX did not have a significant effect on the offer price discount of all Canadian issuers. These include those listed on the Toronto Stock Exchange only and those simultaneously listed on the Toronto Stock Exchange and major U.S. exchanges (cross-listed). On the other hand, when distinguishing offers by underwriting method, the price discount is not different between bought deals and marketed underwritten offers after the passage of Canadian SOX. These findings are consistent with the general hypothesis the Canadian law should not have a significant effect in the price discount of equity offers. This is because the 3-year period allowed regulators, issuers, investors, and investment banks enough time to adapt to the new law with minimum effects. Unlike Sarbanes-Oxley, where many difficulties have occurred in its implementation
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.024 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.002 | 0.001 |
| Scholarly communication | 0.003 | 0.001 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.001 | 0.002 |
| Insufficient payload (model declined to judge) | 0.006 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".